The present Regulations are made under section 66 of the Petroleum Resources Act. In particular, the Regulations lay down provisions relating to the levying of royalties for oil exploitations. The text – consisting of 23 sections – deals with the following aspects: interpretation, prescribed royalties, exemption, payment of prescribed royalty, deferral of royalty, certification of an abandonment and restoration royalty trust, return allowance, certification of qualified petroleum exploration expenses, reports and returns, interests, penalties and refunds.

The present Act lays down provisions relating to land use planning. Section 2 of the above-mentioned Act establishes that the Commissioner may designate any area in the Territories as a development area where the Commissioner considers that it will be necessary in the public interest to regulate the orderly development of the area, as contemplated by this Act.

Under this Act, the Commissioner may enter into agreements with the Government of Canada under which parties will operate for the purpose of reducing potential flood damage in the Territories; such agreements may cover, among others, mapping of areas prone to flooding, zoning of lands and the elaboration and implementation of policies to reduce potential flood damage.